REUTERS
Oil prices were on the up in Wednesday trading, with growth buoyed by anticipation of increased oil demand in the United States, Reuters has reported.
Futures for Brent grew by $0.07 to $64.52 a barrel, while futures for WTI were up by $0.05, to $61.06.
Analysts predict prices for crude oil will settle at $60 per barrel in the coming months.
According to estimates from the U.S. Energy Information Administration, oil consumption in the country is expected to increase to 19.41 million bpd this year, against 19.03 million last year.
U.S. crude stocks last week fell by 3.2 million barrels, according to the American Petroleum Institute (API), larger than analysts' expectations of 2.1 million bpd. Energy Information Administration will release its inventory report on Wednesday night.
Market dynamics are being affected by the fact that Iran will unlikely reach an agreement with six countries on its nuclear program next week. On Tuesday, Iran's parliament passed a law banning UN inspectors from visiting military sites and communicating with scientists.
Iran's Supreme Leader Ayatollah Ali Khamenei has ruled out the possibility of suspending the country’s nuclear program for a long time, even though Western countries demand that Tehran terminate work on some elements of the program for a minimum of 10 years as a condition for lifting sanctions.